Start-ups can wind up businesses within 90 days from the day of making an application

New Delhi, July 17 (KNN) As many as 67 start-ups have received funding under Funds of Fund for Start-ups with an overall investment of Rs 252.20 crores under start-up India initiative.

The government gave nod for “Fund of Funds for Startups” (FFS) by the Small Industries Development Bank of India (SIDBI), in June 2016. This fund was sanctioned for contribution to various Alternative Investment Funds (AIF) registered with the Securities and Exchange Board of India (SEBI).

According to some reports, the proposed credit guarantee fund that will help startups get collateral-free loans is likely to get the cabinet nod in July.

DIPP Chief Ramesh Abhishek, had in June, said that startups will have to meet the definition set by the DIPP to access any of the benefits announced in the Startup India Action Plan last year, including access to the loans under the credit guarantee scheme.

So far, 1,333 startups were recognised by DIPP. A 'fund of funds' of Rs 10,000 crore, managed by SIDBI, has committed Rs 623 crore to alternate investment funds and funded 65 startups.

In a series of tweet, Start-up India has said that Government has broadened opportunities for startups with relaxation of prior experience/turnover criteria in public procurement.

Faster exit made possible and the start-ups can wind up businesses within 90 days from the day of making an application.

Further, Start-ups will be provided with 50% rebate in trademarks filing fees as per provision in recently amended trademark rules ’17, said Start-up India tweet.

It said government recognised facilitators to provide legal guidance and hand-holding throughout the patent acquisition process.

DIPP and Start-up India said as many as 470+ applicants have availed benefits under the SIPP scheme already. It has asked more start-ups to come forward and apply.

It said there are plans to establish 500 tinkering labs across schools to promote spirit of entrepreneurship from the grassroots. As many as 366 tinkering labs have already received an initial grant of Rs12 lakh each from the Government. (KNN Bureau)